AOPA INSTRUCTOReport
I must say that this has been a very interesting and informative thread. When I was instructing, I would put the student in the Frasca FTD, and fail one engine right after liftoff. If they brought both throttles to idle, they would crash -- every time! I know that the FTD is different from the actual plane, but the lesson was that it was necessary to keep quite a bit of power on the good engine if the intention was to actually land.
On another note, has anyone read the third quarter AOPA Instructor report? The front page article is called "The multiengine dilema -- Chop and drop, or clean up and go?" Me thinks that the author is UndauntedFlyer

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Here is an accident from when I was a student. the CFI choped the power and pancaked it in causing some major damage to the plane.
NTSB Identification: CHI96LA202 .
The docket is stored in the Docket Management System (DMS). Please contact Records Management Division
14 CFR Part 91: General Aviation
Accident occurred Friday, June 14, 1996 in GRAND FORKS, ND
Probable Cause Approval Date: 7/25/1996
Aircraft: Piper PA-44, registration: N853ND
Injuries: 2 Uninjured.
The instructor reported that he was attempting to demonstrate a rejected takeoff. Instead of initiating the maneuver during takeoff roll he attempted to initiate the maneuver on final approach to the runway. The instructor entered the maneuver from 150 feet AGL at 70 to 80 KIAS. As the airplane crossed the runway threshold, he reduced power on both engines to idle and applied forward elevator, establishing a descent for landing. He started to 'round the airplane out about 30 to 50 feet above the runway.' The descent rate was too high, so he continued to increase the pitch. He reported the stall horn sounded 'only milliseconds' before the airplane impacted the runway. The instructor reported the demonstration he performed of a rejected takeoff was not a recognized or an approved maneuver. He reported that the he had never had this maneuver demonstrated to him.
The National Transportation Safety Board determines the probable cause(s) of this accident as follows:
the instructor pilot used an improper procedure when he demonstrated a rejected takeoff and he misjudged the flare.